How Mattamy Homes Uses This Clause
Mattamy Homes purchase agreements have been documented to include monthly payment suppression / hidden costs provisions. The builder reserves the right to modify home plans, specifications, and features. In pre-construction agreements, the builder may also adjust pricing based on cost escalations. Buyers may receive a different product than what was initially represented.
This provision typically appears within the purchase agreement alongside other terms that may limit buyer remedies. This provision is closely connected to Mattamy Homes's affiliated lending arm, Mattamy Home Funding.
Mattamy Homes's scale means contract templates are largely standardized across its operations. A clause identified in one market's contract is likely present in other markets' contracts, though local addenda may modify the terms.
Builder-Specific Details
Combined with Deposit Forfeiture
Buyers who discover true costs after signing face forfeiting their deposit if they back out.
Connection to Mattamy Home Funding
Mattamy Homes operates Mattamy Home Funding as an affiliated lending arm. The builder may offer financial incentives for buyers who use this lender, which creates a direct connection between the lending relationship and the terms of the purchase agreement.
Standard Form Contract
This clause appears in Mattamy Homes's standard purchase agreement, which is generally presented on a take-it-or-leave-it basis. Buyers typically have limited ability to negotiate individual terms, though making the request in writing is still advisable.
State-by-State Enforceability
Enforceability of this clause varies by state. The following reflects Mattamy Homes's operating states.
| State | Status | Note |
|---|---|---|
| Florida | Uncertain | Florida does not have a specific statute addressing monthly payment suppression in builder... |
| North Carolina | Uncertain | North Carolina does not have a specific statute addressing monthly payment suppression in builder... |
| Arizona | Uncertain | Arizona does not have a specific statute addressing monthly payment suppression in builder... |
| Texas | Uncertain | Texas does not have a specific statute addressing monthly payment suppression in new construction... |
Related Clauses in Mattamy Homes Contracts
This clause often works in combination with other provisions in Mattamy Homes's purchase agreements.
Buyers who discover true costs after signing face forfeiting their deposit if they back out.
Closing penalties discourage buyers from delaying to investigate payment discrepancies.
The affiliated lender may present suppressed payment estimates, and incentives encourage buyers to use that lender.
What Buyers Can Do
- Independently verify your projected monthly payment. Do not rely solely on estimates from Mattamy Home Funding. Get a loan estimate from at least one independent lender for comparison.
- Ask about temporary rate buydowns. Determine whether any quoted rate includes a temporary buydown that will expire, causing your payment to increase after the introductory period.
- Have the full contract scanned before signing. This clause is often one of several interconnected provisions in Mattamy Homes contracts that collectively limit buyer remedies. A contract scan can identify all of them.